Washington

Parkview Financial Provides $27.5M Construction Loan for Kestrel Park Apartments in Vancouver, Washington

by Amy Works February 9, 2021

VANCOUVER, WASH. — Parkview Financial has provided a $27.5 million construction loan to Hurley Development for Kestrel Park Apartments, a multifamily property located in Vancouver, 10 miles from Portland, Ore. Situated on 5.5 acres at 15306 NE Fourth Plain Road, Kestrel Park will feature 178 apartments spread across six three-story buildings. The community will offer 54 one-bedroom units, 108 two-bedroom units and 16 three-bedroom units, with an average size of 883 square feet. Construction is underway, with completion slated for March 2022. The apartment community is part of a multi-phase development, with Phases I through IV including residential lots that have been pre-sold to a national home builder. Kestrel Park Apartments is part of Phase V with future phases to include a retail and office center.

February 9, 2021

Acquisitions Industrial Washington Western

Duke Realty Buys 1.6 MSF The Cubes at DuPont Industrial Park Near Seattle for $221M

by Amy Works February 5, 2021

DUPONT, WASH. — Duke Realty has completed the purchase of The Cubes at DuPont, a 1.6 million-square-foot industrial park in DuPont. CRG, the national real estate development and investment arm of Clayco, sold the asset for $221 million. The project was developed in 2018 as a joint venture partnership with U.S. Logistics Fund, the CRG’s national build-to-core industrial fund vehicle. The Cubes at DuPont features a 747,488-square-foot speculative warehouse that is fully leased to Kimberly-Clark, a redeveloped 340,000-square-foot building that underwent extensive capital improvements, and a 494,900-square-foot speculative warehouse available for immediate occupancy. The project is the redevelopment of the former Intel Campus at the DuPont Corporate Center. The transformation involved the demolition of 600,000 square feet of office space once Intel vacated the campus. The location offers immediate proximity to Interstate 5 and travel times of less than 20 minutes to the Port of Tacoma, Wash., one hour to Seattle and two hours to Portland, Ore, according to CRG. Brett Hartzell and Darla Long of CBRE National Partners brokered the sale. Wilma Warshak of Washington Real Estate Advisors was CRG’s listing agent on the site.

February 5, 2021

Multifamily Top Stories Washington Western

Berkadia Brokers $279.1M Sale of Hyde Square Apartments Near Microsoft, Facebook Offices in Bellevue

by Katie Sloan February 5, 2021

BELLEVUE, WASH. — Berkadia has brokered the $279.1 million sale of Hyde Square, a 618-unit multifamily community located between the offices of Microsoft and Facebook in the Seattle suburb of Bellevue. Kenny Dudunakis, David Sorensen, Ben Johnson and George Pallis of Berkadia’s Seattle office completed the sale on behalf of the buyer, Illinois-based DWS RREEF Management LLC. The Seattle Daily Journal of Commerce reports that Carmel Partners was the seller in the transaction. Built in 2019, the garden-style property offers a mix of studio, one- and two-bedroom units with quartz countertops, stainless-steel appliances and in-unit washers and dryers. Communal amenities include a fitness and wellness center, business center, outdoor courtyards, barbecue area with fire pits, pet spa, gaming tables and theater room. Located at 2030 155th Place NE, the community also affords residents convenient access to Bellevue College, the Lake Washington Institute of Technology and dining and shopping options along NE 24th St. “This was a record-breaking sale as this was the largest single-asset podium building ever sold in Washington state and the largest apartment deal sold in Washington state over the last six months,” says Sorensen of Berkadia. “This was also the largest apartment deal in the Bellevue area …

February 5, 2021

Acquisitions Industrial Washington Western

Elion Partners Expands West Coast Last-Mile Portfolio with $27.7M Seattle-Area Acquisition

by Amy Works February 4, 2021

RENTON, WASH. — Elion Partners, a vertically integrated private equity real estate investment firm, has purchased a 114,531-square-foot last-mile industrial property located at 600 SW 10th St. in Renton, approximately 13 miles south of the Port of Seattle. An undisclosed seller sold the asset for $27.7 million. The transaction is part of a series of acquisitions the firm has planned for its last-mile portfolio, which focuses on facilities that enable goods to be moved from a transportation hub to a final delivery destination across key logistics markets, including Seattle, San Francisco and Southern California.

February 4, 2021

Acquisitions Multifamily Washington Western

Bell Partners Acquires 160-Unit Modera Jackson Apartments in Seattle from Mill Creek Residential

by Amy Works January 29, 2021

SEATTLE — Bell Partners has purchased Modera Jackson, an apartment community located in Seattle. Acquired on the behalf of the firm’s Fund VII investors, the property will be renamed Bell Jackson Street. Boca Raton, Fla.-based Mill Creek Residential sold the asset for an undisclosed price. Situated in Seattle’s Central District, Bell Jackson Street features 160 apartments in a mix of studio, one- and two-bedroom layouts. Units offer keyless entries, programmable thermostats, stainless steel appliances, quartz countertops and vinyl plank flooring. Select apartments feature direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjustable deck, media and conference rooms, a fitness center, electric vehicle stalls and bike storage. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.

January 29, 2021

Loans Multifamily Seniors Housing Washington Western

NorthMarq Arranges $35M Refinancing for Weatherly Inn Seniors Housing Community Tacoma, Washington

by Amy Works January 27, 2021

TACOMA, WASH. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.

January 27, 2021

Acquisitions Multifamily Washington Western

MJW Investments Acquires 124-Unit Sunset Park Multifamily Property in Seattle

by Amy Works January 19, 2021

SEATTLE — MJW Investments has purchased Sunset Park, an apartment community located at 11202 Second Lane SW in Seattle. Terms of the off-market transaction were not released. Approximately 15 minutes from downtown Seattle, the community features 124 one- and two-bedroom apartments, a sauna, swimming pool, clubhouse lounge with kitchen and fireplace, a play area, on-site laundry facilities and a fitness center. David Sorenson of Berkadia assisted the undisclosed seller in the transaction, while Allan Freedman of Berkadia assisted the buyer with acquisition financing. Jared Goetz of Tecton will oversee operations and the renovation of the property for MJW.

January 19, 2021

Acquisitions Office Washington Western

CBRE Negotiates $52.2M Sale of Terry Thomas Office Property in Seattle’s South Lake Union

by Amy Works January 14, 2021

SEATTLE — CBRE has arranged the sale of Terry Thomas, a single-tenant office property located in Seattle’s South Lake Union neighborhood. A group of private local investors, including Mike Hess of Hess Callahan Partners and Mark Grey of Stephen Grey & Associates, sold the asset to a newly raised core fund advised by Zurich Alternative Asset Management for $52.2 million. CBRE’s Tom Pehl, Lou Senini, Chais Lowell, Paige Morgan, Charles Safley, Thuy Tran, Brandon McMenomy, Brad Zumpa and Mike Walker represented the seller. Thomas Buffa and Sean Bannon of US Real Estate represented the buyer in the deal. Located at 225 Terry Ave. North, the four-story, 44,445-square-foot building was constructed in 2008. Northeastern University occupies the property, which is LEED Gold certified. The building includes 67 underground parking stalls.

January 14, 2021

Acquisitions California Nevada Seniors Housing Top Stories Washington Western

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

by John Nelson January 12, 2021

BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired communities include: • Aegis Living Callahan House (Shoreline, Wash.) • Aegis Living Shoreline (Shoreline, Wash.) • Aegis Living Kirkland (Kirkland, Wash.) • Aegis Living Las Vegas (Las Vegas) • Aegis Living Dana Point (Dana Point, Calif.) • Aegis Gardens Fremont (Fremont, Calif.) • Aegis Living Granada Hills (Granada Hills, Calif.) • Aegis Living San Francisco (San Francisco) • Aegis Living Pleasant Hill (Pleasant Hill, Calif.) • Aegis Living Ventura (Ventura, Calif.) The transaction is the largest in Aegis’ history. The acquisition is the next step in the company’s growth strategy, which includes doubling its ownership portfolio by 2030, according to Aegis’ founder and CEO Dwayne Clark. “At a time when …

January 12, 2021

Acquisitions Office Washington Western

JLL Negotiates Sale of 80,980 SF Single-Tenant Office Building in Redmond, Washington

by Amy Works January 7, 2021

REDMOND, WASH. — JLL has arranged the sale of 9805 Willows, a single-tenant office property located in Redmond. A joint venture between Graymark Capital and Blue Vista Capital Management sold the asset to Invesco Real Estate for an undisclosed price. Originally built in 1998, the 80,980-square-foot building, which features 14-foot ceilings, is currently undergoing an extensive renovation. Logan Greer, Gerry Rohm, Michael Leggett and Kaden Eichmeier of JLL Capital Markets represented the seller and procured the buyer.

January 7, 2021

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